Excerpt from "My Life and Work"  by Henry Ford and Samuel Crowther 
Project Gutenberg

In a little dark shop on a side street an old man had laboured for years making axe handles. Out of seasoned hickory he fashioned them, with the help of a draw shave, a chisel, and a supply of sandpaper. Carefully was each handle weighed and balanced. No two of them were alike. The curve must exactly fit the hand and must conform to the grain of the wood. From dawn until dark the old man laboured. His average product was eight handles a week, for which he received a dollar and a half each. And often some of these were unsaleable--because the balance was not true.

To-day you can buy a better axe handle, made by machinery, for a few cents. And you need not worry about the balance. They are all alike--and every one is perfect. Modern methods applied in a big way have not only brought the cost of axe handles down to a fraction of their former cost--but they have immensely improved the product.

It was the application of these same methods to the making of the Ford car that at the very start lowered the price and heightened the quality.